Davis Advisors

Q4 2014 13F · by Chris Davis, portfolio manager

As of: Dec 31, 2014
Filed: Jan 30, 2015
US stock: $30.9B · prev $32.1B
Positions: 187 · prev 184
Options notional: $0
Documents: 1· no amendments

Picture99.6% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.6%
Foreign stock not listed in the US 0.2%
Notes debt, at principal 0.2%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves181 since the prior filing

+8.0 pp in · −8.0 pp out

New 16 +0.68 pp
Added 49 +7.36 pp
Trimmed 103 −6.35 pp
Exited 13 −1.67 pp

The book

Focused · behaves like 30 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.1 years per position

Low
Moderate
High

Top 5 positions31% of US stock

WFC Wells Fargo & Co. trimmed+0.02 pp trimmed+0.027.3%
BNY Bank of New York Mellon Corporation trimmed−0.25 pp trimmed−0.257.2%
AXP American Express Company trimmed+0.03 pp trimmed+0.036.7%
BRK.A Berkshire Hathaway Inc. trimmed−0.42 pp trimmed−0.424.8%
AMZN Amazon.Com Inc added+1.37 pp added+1.374.7%

Positions187 in this filing · 13 exited


WFCWells Fargo & Co.	7.32%	41,205,254	$2.3B	trimmed−9%	+0.02 pp	7 q
BNYBank of New York Mellon Corporation	7.21%	54,870,475	$2.2B	trimmed−11%	−0.25 pp	7 q
AXPAmerican Express Company	6.71%	22,239,723	$2.1B	trimmed−9%	+0.03 pp	7 q
BRK.ABerkshire Hathaway Inc.	4.77%	6,518	$1.5B	trimmed−19%	−0.42 pp	7 q
AMZNAmazon.Com Inc	4.70%	4,670,390	$1.4B	added+41%	+1.37 pp	7 q
LBTYKLiberty Global Ltd. Class C	4.10%	26,180,809	$1.3B	added+15%	+1.19 pp	7 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.76%	11,461,371	$1.2B	trimmed−14%	+0.20 pp	7 q
unresolvedExpress Scripts Hldg Co	3.57%	13,002,699	$1.1B	added+22%	+1.23 pp	7 q
unresolvedGoogle Inc.	3.24%	1,884,926	$1.0B	trimmed−4%	−0.36 pp	7 q
GOOGAlphabet Inc. Class C	3.21%	1,883,353	$991M	trimmed−4%	−0.32 pp	3 q
LVSLas Vegas Sands Corp.	2.74%	14,517,719	$844M	added+24%	+0.48 pp	7 q
KMXCarMax Inc.	2.53%	11,726,913	$781M	added+4%	+0.90 pp	7 q
PXGBXPraxair Inc	2.28%	5,433,852	$704M	trimmed−1%	+0.08 pp	7 q
JPMJPMorgan Chase & Co.	2.25%	11,096,430	$694M	added0%	+0.17 pp	7 q
TXNTexas Instruments Incorporated	2.15%	12,427,196	$664M	trimmed−0%	+0.30 pp	7 q
COSTCostco Wholesale Corp	2.08%	4,522,761	$641M	trimmed−32%	−0.49 pp	7 q
99803EURLaboratory Crp Of Amer Hldgs	2.07%	5,928,873	$640M	trimmed−1%	+0.17 pp	7 q
SCHWThe Charles Schwab Corporation	1.90%	19,451,228	$587M	trimmed−1%	+0.10 pp	7 q
unresolvedEncana Corp	1.77%	39,303,662	$545M	added×2.1	+0.52 pp	2 q
PCARPaccar Inc	1.76%	8,006,497	$545M	trimmed−1%	+0.33 pp	7 q
VVISA Inc.	1.64%	1,926,613	$505M	trimmed−0%	+0.36 pp	7 q
unresolvedValeant Pharmaceuticals Intl	1.63%	3,508,163	$502M	trimmed−1%	+0.19 pp	7 q
ECLEcolab, Inc.	1.48%	4,374,165	$457M	added+3%	−0.04 pp	7 q
SYYSysco Corporation	1.37%	10,654,643	$423M	added+1%	+0.13 pp	4 q
unresolvedPriceline Grp Inc	1.30%	353,026	$403M	trimmed−1%	+0.02 pp	6 q
unresolvedAce Ltd	1.25%	3,353,376	$385M	trimmed−0%	+0.15 pp	7 q
LLoews Corporation	1.20%	8,821,603	$371M	trimmed−2%	+0.03 pp	7 q
ORCLOracle Corp	1.19%	8,132,337	$366M	trimmed−1%	+0.21 pp	7 q
MSFTMicrosoft Corp	1.17%	7,797,416	$362M	trimmed−17%	−0.18 pp	7 q
DGXQuest Diagnostics Inc.	1.12%	5,155,683	$346M	added+6%	+0.20 pp	4 q
EOGEOG Resources, Inc.	1.08%	3,602,605	$332M	trimmed−15%	−0.23 pp	7 q
UPLUltra Petroleum Corp	0.84%	19,598,377	$258M	trimmed−0%	−0.58 pp	3 q
unresolvedBrookfield Asset Mgmt Inc	0.79%	4,858,912	$244M	trimmed−20%	−0.06 pp	7 q
HALHalliburton Company	0.78%	6,088,400	$239M	added×719.7	+0.78 pp	4 q
MKLMarkel Group Inc.	0.78%	351,824	$240M	added+2%	+0.10 pp	7 q
BRK.BBERKSHIRE HATHAWAY Class B	0.77%	1,576,592	$237M	trimmed−17%	−0.05 pp	7 q
MCOMoody's Corporation	0.74%	2,381,270	$228M	trimmed−1%	+0.04 pp	3 q
TXTTextron, Inc.	0.61%	4,460,297	$188M	trimmed−13%	+0.04 pp	6 q
EGEverest Group, Ltd.	0.56%	1,007,947	$172M	trimmed−0%	+0.05 pp	7 q
CFGCitizens Financial Group, Inc.	0.50%	6,232,950	$155M	added+3%	+0.06 pp	2 q
unresolvedLiberty Interactive Corp	0.48%	4,981,728	$147M	trimmed−50%	−0.40 pp	7 q
NFLXNetFlix Inc	0.43%	391,581	$134M	trimmed−3%	−0.14 pp	7 q
unresolvedQihoo 360 Technology Co. ADR	0.40%	2,170,024	$124M	trimmed−2%	−0.06 pp	5 q
AAgilent Technologies Inc.	0.39%	2,969,653	$122M	trimmed−0%	−0.14 pp	7 q
unresolvedSoufun Holdings Ltd ADR	0.37%	15,274,380	$113M	added+4%	−0.09 pp	7 q
DEODiageo plc	0.33%	896,079	$102M	trimmed−3%	0.00 pp	7 q
unresolvedLiberty Interactive Corp	0.27%	2,199,523	$83M	added+91%	+0.13 pp	7 q
WAIRWESCO Aircraft Holdings Inc.	0.27%	6,008,026	$84M	added+7%	−0.04 pp	7 q
unresolvedHunter Douglas N.V.	0.24%	1,764,260	$73M	added+1%	+0.01 pp	3 q
CNQCanadian Natural Resources Limited	0.20%	1,956,371	$60M	trimmed−88%	−1.80 pp	7 q
IDXXIdexx Laboratories Inc	0.17%	351,787	$52M	added+9%	+0.05 pp	7 q
KEYSKeysight Technologies, Inc.	0.16%	1,476,620	$50M	new	+0.16 pp	new
SPGSimon Property Group, Inc.	0.16%	274,345	$50M	trimmed−6%	+0.01 pp	7 q
USBU.S. Bancorp	0.13%	913,186	$41M	trimmed−0%	+0.01 pp	7 q
JDJD.com, Inc.	0.12%	1,630,466	$38M	added+65%	+0.04 pp	3 q
ROKRockwell Automation, Inc.	0.12%	337,063	$37M	added+32%	+0.03 pp	4 q
AIYActivision Blizzard Inc	0.11%	1,711,762	$34M	trimmed−88%	−0.80 pp	7 q
CDPCOPT Defense Properties	0.10%	1,087,509	$31M	trimmed−4%	+0.01 pp	7 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.10%	1,149,876	$31M	held	—	2 q
MRSHMarsh	0.10%	522,180	$30M	trimmed−0%	+0.01 pp	4 q
VIPSVipshop Holdings Limited	0.10%	1,546,042	$30M	trimmed−26%	−0.02 pp	7 q
AIGAmerican International Group, Inc.	0.09%	517,723	$29M	trimmed−0%	0.00 pp	7 q
BXPBXP, Inc.	0.09%	216,200	$28M	trimmed−4%	+0.01 pp	7 q
GSGoldman Sachs Group Inc.	0.09%	142,722	$28M	trimmed−0%	+0.01 pp	7 q
unresolvedTwenty First Centy Fox Inc	0.09%	756,264	$28M	trimmed−0%	+0.01 pp	3 q
AKRAcadia Realty Trust	0.08%	733,898	$24M	trimmed−34%	−0.02 pp	7 q
FGAAmerican Campus Communities	0.08%	567,539	$23M	trimmed−3%	+0.01 pp	7 q
AVBAvalonBay Communities, Inc.	0.08%	154,976	$25M	trimmed−3%	+0.01 pp	7 q
unresolvedGeneral Growth Pptys Inc New	0.08%	905,090	$25M	trimmed−6%	+0.01 pp	7 q
VTRVentas, Inc.	0.08%	338,235	$24M	trimmed−4%	+0.01 pp	7 q
unresolvedYouku Inc ADR	0.08%	1,426,105	$25M	trimmed−2%	0.00 pp	7 q
unresolvedAngie's List	0.07%	3,656,573	$23M	added+15%	+0.01 pp	7 q
unresolvedDct Industrial Trust Inc	0.07%	641,099	$23M	new	+0.07 pp	new
LOWLowe's Companies Inc.	0.07%	292,145	$20M	trimmed−1%	+0.02 pp	6 q
TDGTransDigm Group Incorporated	0.07%	105,490	$21M	trimmed−3%	+0.01 pp	6 q
VNOVornado Realty Trust	0.07%	182,286	$21M	trimmed−4%	+0.01 pp	7 q
AREAlexandria Real Estate Equities, Inc.	0.06%	212,449	$19M	trimmed−51%	−0.04 pp	7 q
ESSEssex Property Trust, Inc	0.06%	86,969	$18M	trimmed−4%	+0.01 pp	7 q
TVGrupo Televisa S.A.	0.06%	525,491	$18M	trimmed−22%	−0.01 pp	7 q
HSTHost Hotels & Resorts, Inc.	0.06%	787,048	$19M	trimmed−4%	+0.01 pp	7 q
KRGKite Realty Group Trust	0.06%	642,732	$18M	added+25%	+0.02 pp	2 q
LPTLiberty Property Trust	0.06%	478,091	$18M	trimmed−4%	+0.01 pp	7 q
unresolvedPost Properties, Inc.	0.06%	332,403	$20M	trimmed−40%	−0.03 pp	7 q
unresolvedTime Warner Cable Inc	0.06%	123,169	$19M	added+31%	+0.02 pp	5 q
YYJOYY Inc.	0.06%	294,174	$18M	trimmed−0%	−0.01 pp	2 q
unresolvedBiomed Realty Trust, Inc.	0.05%	779,101	$17M	trimmed−5%	0.00 pp	7 q
BDNBrandywine Realty Trust	0.05%	984,319	$16M	trimmed−4%	+0.01 pp	3 q
COFCapital One Financial	0.05%	186,250	$15M	held	—	2 q
unresolvedChubb	0.05%	158,243	$16M	new	+0.05 pp	new
CORCoresite Realty Corp	0.05%	356,075	$14M	trimmed−1%	+0.01 pp	3 q
unresolvedEducation Realty Trust, Inc.	0.05%	454,838	$17M	new	+0.05 pp	new
EIGIEndurance International Group Holdings, Inc.	0.05%	902,181	$17M	new	+0.05 pp	new
unresolvedFederal Realty Investment Trust REIT	0.05%	116,144	$16M	trimmed−4%	+0.01 pp	7 q
IVEiShares S&P 500 Value ETF	0.05%	165,396	$16M	new	+0.05 pp	new
KSSKohls Corporation	0.05%	235,230	$14M	trimmed−0%	+0.01 pp	7 q
unresolvedMcGraw Hill	0.05%	182,000	$16M	new	+0.05 pp	new
PSAPublic Storage	0.05%	90,917	$17M	new	+0.05 pp	new
TRNOTerreno Realty Corporation	0.05%	686,384	$14M	trimmed0%	+0.01 pp	4 q
WYWeyerhaeuser Company	0.05%	401,988	$14M	trimmed−4%	+0.01 pp	3 q
BABAAlibaba Group Holding Limited	0.04%	107,142	$11M	trimmed−64%	−0.04 pp	2 q
ATIATI Inc.	0.04%	355,231	$12M	added+18%	+0.01 pp	7 q
BACBank of America Corporation	0.04%	639,176	$11M	trimmed0%	+0.01 pp	7 q
CCitigroup Inc.	0.04%	229,709	$12M	added0%	0.00 pp	7 q
CLColgate-Palmolive Company	0.04%	193,077	$13M	trimmed−4%	0.00 pp	7 q
unresolvedCoupons.com, Inc.	0.04%	779,943	$14M	added+59%	+0.02 pp	4 q
CUBECubeSmart	0.04%	510,790	$11M	trimmed−55%	−0.02 pp	5 q
DVNDevon Energy Corporation	0.04%	209,390	$13M	added+15%	0.00 pp	7 q
unresolvedHewlett Packard Co	0.04%	302,844	$12M	trimmed−1%	+0.01 pp	7 q
unresolvedLasalle Hotel Pptys	0.04%	326,380	$13M	trimmed−26%	−0.01 pp	7 q
LCHappen, Inc.	0.04%	500,000	$13M	new	+0.04 pp	new
MASMasco Corporation	0.04%	445,240	$11M	added+4%	+0.01 pp	7 q
NTESNetEase, inc.	0.04%	110,926	$11M	trimmed−5%	+0.01 pp	7 q
NKENike, Inc.	0.04%	123,100	$12M	trimmed−2%	+0.01 pp	6 q
PWRQuanta Services, Inc.	0.04%	410,000	$12M	added+21%	0.00 pp	7 q
SAPSap SE	0.04%	159,576	$11M	trimmed−2%	0.00 pp	7 q
unresolvedTwenty First Centy Fox Inc	0.04%	296,216	$11M	trimmed−0%	+0.01 pp	6 q
UHSUniversal Health Services, Inc. Class B	0.04%	119,100	$13M	added+3%	0.00 pp	7 q
unresolvedWaste Connections Inc	0.04%	263,470	$12M	added+9%	0.00 pp	7 q
unresolvedWhole Foods Market	0.04%	270,494	$14M	added+3%	+0.01 pp	7 q
ALEXAlexander & Baldwin, Inc.	0.03%	196,686	$8M	held	—	5 q
AMHAmerican Homes 4 Rent	0.03%	462,680	$8M	held	—	2 q
AMATApplied Materials Inc	0.03%	355,090	$9M	added+2%	+0.01 pp	7 q
unresolvedDuPont Fabros Technology, Inc.	0.03%	265,536	$9M	trimmed−55%	−0.02 pp	7 q
unresolvedFairchild Semiconductor Intl	0.03%	481,367	$8M	added+4%	+0.01 pp	7 q
unresolvedGeneral Electric Co	0.03%	426,172	$11M	added+15%	0.00 pp	7 q
unresolvedGrubhub Inc	0.03%	268,227	$10M	trimmed−9%	0.00 pp	3 q
HIWHighwoods Properties Inc.	0.03%	217,867	$10M	trimmed−2%	0.00 pp	3 q
IBNICICI Bank Limited	0.03%	678,785	$8M	held	—	7 q
PLDPrologis, Inc.	0.03%	195,885	$8M	trimmed−1%	+0.01 pp	2 q
unresolvedRamco-Gershenson Properties Trust	0.03%	530,021	$10M	trimmed−1%	0.00 pp	2 q
SLGSL Green Realty Corp.	0.03%	68,943	$8M	new	+0.03 pp	new
CRMSalesforce, Inc.	0.03%	139,661	$8M	trimmed−1%	0.00 pp	6 q
SHWThe Sherwin-Williams Company	0.03%	32,825	$9M	trimmed−2%	+0.01 pp	7 q
Tyson Foods Incconvertible	0.03%	185,000	$9M	held	—	2 q
URIUnited Rentals, Inc.	0.03%	101,686	$10M	trimmed−9%	−0.01 pp	2 q
unresolvedWells Fargo Warrants, 34.01 St	0.03%	434,218	$9M	trimmed−3%	0.00 pp	7 q
NBRNabors Industries Ltd.	0.03%	651,242	$8M	added+46%	0.00 pp	7 q
RIGTransocean LTD.	0.03%	423,106	$8M	added+29%	0.00 pp	7 q
AESAES Corporation	0.02%	422,306	$6M	added+1%	0.00 pp	7 q
Aes Trust IIIconvertible	0.02%	145,027	$7M	held	—	4 q
unresolvedAmerican Residential Properties, Inc.	0.02%	409,445	$7M	held	—	2 q
ELVElevance Health, Inc.	0.02%	53,558	$7M	new	+0.02 pp	new
CTTCatchmark Timber Trust, Inc.	0.02%	462,490	$5M	added+36%	+0.01 pp	2 q
CDRCedar Realty Trust, Inc	0.02%	715,637	$5M	held	—	2 q
unresolvedCousins Properties Inc.	0.02%	450,940	$5M	added+41%	+0.01 pp	6 q
CTRPTrip.com Group Limited	0.02%	130,701	$6M	trimmed−9%	−0.01 pp	7 q
unresolvedDDR Corporation	0.02%	286,547	$5M	trimmed0%	+0.01 pp	7 q
EGPEastGroup Properties Inc.	0.02%	94,310	$6M	trimmed−67%	−0.03 pp	7 q
unresolvedForest City Enterprises Inc	0.02%	307,499	$7M	trimmed−18%	0.00 pp	7 q
FCXFreeport-McMoran Inc.	0.02%	279,404	$7M	added+45%	0.00 pp	7 q
INTCIntel Corp	0.02%	184,468	$7M	added+3%	0.00 pp	7 q
NHINational Health Investors	0.02%	78,242	$5M	new	+0.02 pp	new
PMPhilip Morris International Inc.	0.02%	58,067	$5M	trimmed−94%	−0.24 pp	7 q
unresolvedSigma Aldrich Corp	0.02%	36,659	$5M	trimmed−73%	−0.04 pp	7 q
TJXTJX Companies, Inc. (The)	0.02%	102,960	$7M	trimmed−2%	0.00 pp	6 q
TCOTaubman Centers Inc.	0.02%	97,620	$7M	trimmed−2%	0.00 pp	7 q
TSNTyson Foods, Inc.	0.02%	150,260	$6M	added+97%	+0.01 pp	6 q
UNUnilever N V -ny Shares	0.02%	161,008	$6M	trimmed−20%	0.00 pp	7 q
unresolvedCBL & Associates Properties, Inc.	0.01%	228,945	$4M	new	+0.01 pp	new
unresolvedCampus Crest Communities, Inc.	0.01%	513,671	$4M	trimmed0%	0.00 pp	2 q
EXPDExpeditors International of Washington, Inc.	0.01%	66,472	$3M	trimmed−29%	0.00 pp	7 q
STAYExtended Stay America, Inc. Paired Share	0.01%	157,017	$3M	new	+0.01 pp	new
FRFirst Industrial Realty Trust, Inc.	0.01%	214,518	$4M	added0%	0.00 pp	3 q
IBMInternational Business Machines Corporation	0.01%	20,760	$3M	trimmed−99%	−1.40 pp	7 q
IWViShares Russell 3000 ETF	0.01%	19,500	$2M	new	+0.01 pp	new
KBRKBR, Inc.	0.01%	105,322	$2M	added0%	0.00 pp	2 q
MACThe Macerich Company	0.01%	43,554	$4M	trimmed−29%	0.00 pp	2 q
6PMParamount Group Inc	0.01%	202,564	$4M	new	+0.01 pp	new
unresolvedSBA Comms Corp	0.01%	26,114	$3M	trimmed−59%	−0.01 pp	7 q
unresolvedWashington Prime Group Inc	0.01%	214,030	$4M	held	—	3 q
WYNNWynn Resorts Ltd	0.01%	10,493	$2M	held	—	2 q
APDAir Products & Chemicals, Inc.	0.00%	1,754	$253,000	trimmed−27%	0.00 pp	7 q
unresolvedAltera Corp	0.00%	38,800	$1M	held	—	7 q
AAPLApple Inc.	0.00%	3,290	$363,000	held	—	6 q
WRBW.R. Berkley Corporation	0.00%	5,080	$260,000	held	—	7 q
unresolvedBoardwalk Pipeline Partners	0.00%	22,090	$393,000	held	—	4 q
CXCemex S.A.B. de C.V.	0.00%	22,635	$231,000	held	—	7 q
KOCoca-Cola Company	0.00%	6,475	$273,000	added+1%	0.00 pp	7 q
DISThe Walt Disney Company	0.00%	2,641	$249,000	trimmed−100%	−0.74 pp	7 q
WUBA58.COM Inc	0.00%	26,440	$1M	trimmed−50%	−0.01 pp	5 q
BENFranklin Templeton, Inc.	0.00%	7,000	$388,000	held	—	5 q
JAHJarden Corporation	0.00%	16,500	$790,000	added+10%	0.00 pp	2 q
JMEINJumei International-adr	0.00%	100,150	$1M	added0%	−0.01 pp	3 q
MAMastercard Incorporated	0.00%	15,300	$1M	trimmed−18%	0.00 pp	7 q
RSGRepublic Services Inc.	0.00%	18,080	$728,000	held	—	7 q
TIFTiffany & Co.	0.00%	5,000	$534,000	held	—	7 q
UPSUnited Parcel Service, Inc. Class B	0.00%	2,402	$267,000	added+1%	0.00 pp	6 q
unresolvedMonsanto Co	—	−1,848,439	—	exited	−0.65 pp	—
CVSCvs Health Corporation	—	−2,153,905	—	exited	−0.53 pp	—
HOGHarley-Davidson, Inc.	—	−1,113,765	—	exited	−0.20 pp	—
unresolvedDCT Industrial Trust Inc.	—	−2,664,932	—	exited	−0.06 pp	—
unresolvedEducation Realty Trust, Inc.	—	−1,425,431	—	exited	−0.05 pp	—
AMTAmerican Tower Corporation	—	−129,012	—	exited	−0.04 pp	—
FDXFedEx Corporation	—	−84,961	—	exited	−0.04 pp	—
SKTTanger Inc.	—	−352,864	—	exited	−0.04 pp	—
YAlleghany Corporation	—	−11,795	—	exited	−0.02 pp	—
DLRDigital Realty Trust, Inc.	—	−82,876	—	exited	−0.02 pp	—
unresolvedWellpoint Inc	—	−53,721	—	exited	−0.02 pp	—
AZOAutoZone, Inc.	—	−730	—	exited	0.00 pp	—
FSLRFirst Solar, Inc.	—	−4,030	—	exited	0.00 pp	—

Other 13(f) securities

Options 0

None in this filing

Notes 5

Issue	% of notes	Principal	Value
Intel Corp	35.11%	10,551,000	$18M
United States Steel Corp	29.13%	12,250,000	$15M
Forest City Realty Trust	25.04%	11,463,000	$13M
Forest City Realty Trust	7.13%	3,500,000	$4M
Forest City Realty Trust	3.60%	1,120,000	$2M

Source

Form: 13F-HR
Reading: 2 defects · 47 unresolved
Accession: 0001140361-15-005594
Options: none in this filing
SEC cross-check: SEC data set not published yet

A row was set aside — invalid CUSIP 5291810NL
A security outside the official 13F list — CUSIP 5291810NL not on the Official 13(f) List for 2014-12-31

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